Case Types

Cases: Banking Fraud

LendingTree

Reese is currently litigating a class action against LendingTree for its deceptive and illegal home mortgage scheme. Purporting to provide a convenient re-financing option to struggling homeowners, LendingTree engaged in a deceptive “bait-and-switch” conspiracy whereby borrowers were locked in to a “True Cost” rate for closing costs, but LendingTree did not provide the closing services that borrowers thought they were paying for. Furthermore, LendingTree saddled some borrowers with a second mortgage at a higher adjustable interest rate than was sufficient to refinance the existing mortgage. The plaintiffs are seeking an injunction preventing LendingTree from engaging in future fraudulent practices, as well as disgorgement of ill-gotten gains, restitution for losses, and treble damages.

Bank of America

Reese LLP litigated a class action against Bank of America for its “Overdraft Protection” program. Bank of America touts its “Overdraft Protection” program as a way for customers to protect themselves from possible overdraft-related fees. However, it is actually a deceptive artifice through which Bank of America garners immense profits to the significant monetary damage of consumers. This suit is currently on appeal before the United States Court of Appeals for the Ninth Circuit in California.

Wells Fargo

Reese LLP filed this class action suit against Wells Fargo for its illegal fee scheme targeting vulnerable homeowners. Wells Fargo worked in conjunction with a nationwide network of outside vendors to enact improper inspection fees and late charges against homeowners behind on their mortgage payments. Wells Fargo’s exploitative practices included charging multiple fees for a singe late payment, as well as other automatic monthly “inspection” fees that were buried in deceptive billing statements, causing many distressed borrowers to fall deeper into debt. This lawsuit seeks to end the scheme and help borrowers recover their improperly charged fees from Wells Fargo.